Effectiveness of Assignment Sample Clauses
The Effectiveness of Assignment clause defines when and how the transfer of rights or obligations under a contract becomes valid and enforceable. Typically, this clause specifies that an assignment is only effective once certain conditions are met, such as providing written notice to the non-assigning party or obtaining their consent. For example, if one party wishes to assign their contractual rights to a third party, the assignment may not take effect until the other party is formally notified. This clause ensures that all parties are aware of and agree to any changes in contractual relationships, thereby preventing disputes and maintaining contractual clarity.
POPULAR SAMPLE Copied 3 times
Effectiveness of Assignment. This Agreement, and the assignment and assumption contemplated herein, shall not be effective until (a) this Agreement is executed and delivered by each of the Assignor, the Assignee, the Agent, and if required under Section 12.5(d) of the Credit Agreement, the Borrower, and (b) the payment to the Assignor of the amounts, if any, owing by the Assignee pursuant to Section 2 hereof and (c) the payment to the Agent of the amounts, if any, owing by the Assignor pursuant to Section 3 hereof. Upon recording and acknowledgment of this Agreement by the Agent, from and after the Assignment Date, (i) the Assignee shall be a party to the Credit Agreement and, to the extent provided in this Agreement, have the rights and obligations of a Lender thereunder and (ii) the Assignor shall, to the extent provided in this Agreement, relinquish its rights (except as otherwise provided in Section 12.10 of the Credit Agreement) and be released from its obligations under the Credit Agreement; provided, however, that if the Assignor does not assign its entire interest under the Loan Documents, it shall remain a Lender entitled to all of the benefits and subject to all of the obligations thereunder with respect to its retained Commitment.
Effectiveness of Assignment. The Parties hereby agree that the assignment of a Collocation Arrangement pursuant to Section 2.1 hereof and assumption of the Collocation Arrangement Liabilities pursuant to Section 2.2 hereof shall be effective upon the Closing applicable to the assignment of that Collocation Arrangement.
Effectiveness of Assignment. Upon its receipt of a duly completed Assignment and Assumption executed by an assigning Lender and an assignee, and consented to, if required, by the Borrower, the assignee’s completed Administrative Questionnaire (unless the assignee shall already be a Lender hereunder), the processing and recordation fee referred to in paragraph (b) of this Section and any written consent to such assignment required by paragraph (b) of this Section, Administrative Agent shall accept such Assignment and Assumption and record the information contained therein in the Register. No assignment shall be effective for purposes of this Agreement unless it has been recorded in the Register as provided in this paragraph.
Effectiveness of Assignment. (a) Following the execution of this Assignment and Acceptance by the Assignor and the Assignee, counterparts will be delivered to the Administrative Agent for acceptance and recording by the Administrative Agent and to the Assignor's Managing Agent. The effective date of this Assignment and Acceptance shall be the date of acceptance thereof by the Administrative Agent and acknowledgement of receipt by the applicable Managing Agent, unless otherwise specified in Section 3 of the signature page hereto (the "Effective Date").
(1) Upon such acceptance and recording by the Administrative Agent and acknowledgement of receipt by the applicable Managing Agent, as of the Effective Date, (i) the Assignee shall be a party to the Restated Loan Agreement and, to the extent provided in this Assignment and Acceptance, have the rights and obligations of a [Bank] [Seasonal Bank] thereunder and (ii) the Assignor shall, to the extent provided in this Assignment and Acceptance, relinquish its rights and be released from its obligations under the Restated Loan Agreement.
(2) Upon such acceptance and recording by the Administrative Agent and acknowledgement of receipt by the applicable Managing Agent, from and after the Effective Date, the Administrative Agent shall make all payments under the Restated Loan Agreement in respect of the interest assigned hereby (including, without limitation, all payments of principal, interest and fees with respect thereto) to the Assignee. The Assignor and Assignee shall make all appropriate adjustments in payments under the Restated Loan Agreement for periods prior to the Effective Date directly between themselves.
Effectiveness of Assignment. No Transfer shall be effective unless and until the requirements of Paragraph 5.03(e) are satisfied. The Transfer by a Member of all or part of his or her Interest shall become effective on the first day of the calendar month immediately succeeding the month in which all of the requirements of this Paragraph 5.03 have been met, and the Manager(s) have received from the Transferor a transfer fee sufficient to cover all expenses of the Company connected with such transfer; provided, however, that the Manager(s) may elect to waive this fee in their sole discretion. All distributions prior to the effective date shall be made to the Transferor and all distributions made there after shall be made to the transferee.
Effectiveness of Assignment. This Agreement, and the assignment and assumption contemplated herein, shall not be effective until (a) this Agreement is executed and delivered by each of the Assignor, the Assignee, the Administrative Agent and if required, the Borrower, and (b) the payment to the Assignor of the amounts owing by the Assignee pursuant to Section 2. hereof and (c) the payment to the Administrative Agent of the amounts owing by the Assignor pursuant to Section 3. hereof. Upon recording and acknowledgment of this Agreement by the Administrative Agent, from and after the Assignment Date, (i) the Assignee shall be a party to the Credit Agreement and, to the extent provided in this Agreement, have the rights and obligations of a Lender thereunder and (ii) the Assignor shall, to the extent provided in this Agreement, relinquish its rights (except as otherwise provided in Section 13.3 of the Credit Agreement) and be released from its obligations under the Credit Agreement; provided, however, that if the Assignor does not assign its entire interest under the Loan Documents, it shall remain a Lender entitled to all of the benefits and subject to all of the obligations thereunder with respect to its Commitment.
Effectiveness of Assignment. Following the execution of this Assignment and Acceptance by the Assignor, the Managing Agent, [and] the Assignee, [the Borrower and the Servicer,] it will be delivered to the Program Agent for acceptance and recording by the Program Agent. The effective date of this Assignment and Acceptance shall be the date of acceptance thereof by the Program Agent, unless otherwise specified in Section 3 of the signature page hereto (the “Effective Date”).
Effectiveness of Assignment. This Assignment and Assumption Agreement shall become effective on the first date on or after the Assignment Effective Date on which it has been executed by the parties hereto but, unless the parties otherwise mutually agree, the assignment shall be deemed to take effect (and all economic calculations shall be made) giving effect to the Assignment Effective Date as the effective date of such assignment.
Effectiveness of Assignment. Following the execution of this Assignment and Acceptance, it will be delivered (with a copy to the Borrower) to the Agent for acceptance and recording by the Agent. The Effective Time for this Assignment and Acceptance (the "Assignment Date") shall be the date of acceptance hereof by the Agent, unless otherwise specified on Appendix 1 by the Agent.
Effectiveness of Assignment. The assignment, transfer, conveyance, contribution and delivery of the Interests shall be effective on the Effective Date.